Tata Technologies files preliminary papers to raise funds via IPO

Tata Technologies Ltd, a subsidiary of Tata Motors Ltd, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

Shares of the company are proposed to be listed on both NSE and BSE.

The IPO is purely an offer for sale (OFS), where the company will sell up to 9.57 crore equity shares representing approximately 23.60 per cent of its paid-up share capital, according to the Draft Red Herring Prospectus (DRHP).

Under the OFS, Tata Technologies’ parent company Tata Motors will offload 8.11 crore shares or a 20 per cent stake in the company.